Online trading platform Robinhood revealed that it has acquired cross-exchange trading platform Cove Markets.
The move will allow investors on Robinhood to easily manage their crypto accounts, as the companies shared in the original announcement that it is a common goal for both of them to make “investing in cryptocurrencies simpler and lower cost.”
Cove Markets team and its co-founders Scott Knudsen and Victor Glava will join the Robinhood as part of the acquisition.
Christine Brown, Chief Operating Officer of Robinhood Crypto, said:
Christine Brown
Scott, Victor and the Cove Markets team will bolster our crypto trading platform and help us strengthen our leadership in the crypto industry. Their wealth of experience in trading execution and crypto market infrastructure will help us to build more powerful trading capabilities, bringing the benefits of better competition in the crypto markets to our customers.
Scott Knudsen, CEO and Co-Founder of Cove Markets, commented:
Scott Knudsen
Source: LinkedIn
We started Cove Markets three years ago to help crypto investors get the most out of their trading experience. Now, we are excited to join Robinhood to help build a world-class platform that can improve trading for millions of customers.
Since its launch in 2018, Robinhood Crypto team has worked to make crypto more accessible and easier to understand and during that time has kept a zero-commission fees offer.
The demand for crypto surged in the beginning of the year with the rapidly gaining popularity of meme stock which generated 131% revenue rise for Robinhood in the second quarter of 2021. However, the crypto activity declined in the next quarter.
